Chief internal auditors of banks under the umbrella of Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN) held a four-day retreat/conference in Akwa Ibom State recently with the theme ‘The Future of Banking’.
During the conference, the auditors discussed strategies for combatting electronic fraud.
While Speaking with Journalists in Uyo, the Chairman, sub-committee on research and publication, Mr. Samuel Ekanem, said “You have seen development in the world, the movement from manual or analogue to digital approach of processing transaction. Most of the transactions done manually in the banking hall have been replaced by electronic transaction.
“You can sit in your room, using your mobile-phone you can do any transaction running into millions of naira. This has made live easy for the users of the facility.”
“But the transformation from manual to electronic banking has also brought some challenges and risks to us.
“The speed that transactions are taking place some fraudsters have also taken advantage of such by also using speed of the transaction to move money illegally across the banks.
“We have fraud running to billions of naira in the industry. It is not limited to Nigeria alone. What an international bank in another country has lost is more than what all the banks in Nigeria have lost. In one incident in the international bank that occurred you cannot compare with the whole fraud here but it is still significant, because it is a loss to Nigeria economy.”
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